Economics - Recall a time where you were making a decision

Economics

Question 1

Recall a time where you were making a decision that involved considering both monetary and non-monetary benefits and costs. What were the monetary and non-monetary considerations? How did you ultimately decide on what to do?

Question 2

Time is a scarce resource, and how you spend your time requires evaluating tradeoffs. Describe an example from your own experience where a decision about how to spend your time brought with it an opportunity cost. What was the opportunity cost?

Question 3

The coronavirus pandemic has had a dramatic impact on the economy over the last 20 months. Provide an example of a product market that has seen demand increase as a result of this shock and a product market that has seen demand decrease as a result of this shock. Explain why demand is changing in these markets.